Nigeria’s economy is still writhing from the pains inflicted on it by the decision of the Central Bank of Nigeria (CBN) to redesign the naira. It will take several months for the economy to recover fully from the excruciating pains of the naira redesign scheme. The World Bank, International Monetary Fund (IMF) and even the United Nations have blamed the Read More
The Central Bank of Nigeria (CBN) has described a report that it plans to phase-out the redesigned N1000, N500 and N200 naira notes as a ploy by vested interest to cause panic in the polity. In a statement by Ag. Director, Corporate Communications, Isa AbdulMumim, the Apex Bank insisted that it would continue to supply the redesigned notes for the Read More
The Central Bank of Nigeria (CBN) has released an exposure draft of the guidelines for change of operating licence for banks and other financial institutions (OFIs). In a circular signed by the apex bank’s director of financial policy and regulation, Chibuzo Efobi, the draft guidelines are aimed at providing clarity on the requirements of change of the various licence types Read More
Long queues being experienced in the nation’s banks in the last two months has reduced following the increase in cash payment to the customers The reduction in the number of customers was due to Central Bank of Nigeria sustained disbursement of cash to Deposit Money Banks which started last week Friday. Blueprint visit to some banks branches located at Ojota, Read More
Despite concerns from economists and experts regarding outstanding loans, the Central Bank of Nigeria (CBN) increased its loans to the government by N3.77 trillion during the first two months of 2023. According to the CBN’s latest data on “Money and Credit Statistics data, credit from CBN to the government stood at N28.43 trillion at the end of February 2023. In Read More
Several days after the Central Bank of Nigeria (CBN) ordered banks and the general public to obey the Supreme Court judgment extending the legal tender status of N500 and N1,000 notes, Nigeria’s cash flow crisis has refused to go away. Thousands of electronic banking transfers and point of sales (PoS) transactions remain unconsummated. Payers are debited while payees’ accounts are Read More
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has has said that various cases of failed transaction on e-payment of Deposit money Banks platform are being resolved. Emefiele, gave the assurance while brieinf journalists after the Monetary Policy Committee meeting Tuesday in Abuja. While admitting that isolated cases still persist, the CBN Governor said efforts are being Read More
“Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them” – Paul Hawken The announcement by the Central Bank of Nigeria (CBN) about its decision to redesign Nigeria’s currency, the Naira, startled the entire polity and precipitated a barrage of criticisms, a wide assortment Read More
The Central Bank of Nigeria (CBN) says it remains committed to its developmental mandate of stimulating access to finance for the real sector, disclosing that total repayments as of the end of February 2023 under the Anchor Borrowers’ Programme (ABP) stood at N0.503 trillion, representing 52.39 per cent, adding that the balance of N0.119 trillion was not due for repayment. Read More
There has been sorrow and tears for Nigerians who have found it difficult to access cash from their banks due to the Naira re-design policy of the Central Bank of Nigeria (CBN); BENJAMIN UMUTEME writes. The announcement by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, that Nigeria was going to redesign the N200, N500, and N1000 Read More
The scarcity of the new and old naira notes is crippling activities of Bureau de Change operators in Lagos as the country approaches the February 10 deadline for the complete phasing out of the current N200, N500 and N1,000 banknotes. CBN governor, Godwin Emefiele, had assured the release of sufficient new banknotes with teams of enforcers to ensure that banks Read More
Data from the Central Bank of Nigeria (CBN) shows that Nigeria’s external reserves dropped to $37.9 billion as of Wednesday, October 12, 2022, from $38.8 billion on September 12, 2022. The decline is due to CBN’s continuous intervention in the exchange rate market and dwindling export earnings. There has been an increase in the demand for foreign exchange for importing Read More
Diaspora remittances between January and June 2022 into Nigeria hit $10.11 billion, representing a 9.6 per cent increase compared to $9.23 billion received in the corresponding period of 2021. According to data obtained from the Central Bank of Nigeria (CBN), a sum of $23.3 million was recorded as remittance outflow from Nigeria, indicating a net inflow of $10.09 billion in Read More
The full implication of the recent massive mopping by the Central bank of Nigeria (CBN) is beginning to materialize with the commercial banks hiking lending rates by a whopping three per cent to about 38 per cent after the CBN debited N6.9trillion on Thursday last week. Analysts say, the increase is as a result of the decision of the Monetary Read More
The Central Bank of Nigeria (CBN) has said that about N5.3 trillion out of N9.3 trillion lent out under its intervention funds portfolio is not yet due for repayment. The apex regulator also said for now it has closed gates for the intervention funds, adding that as at Tuesday N3.7 trillion has been repaid under intervention funds. Addressing financial journalists Read More
The Central Bank of Nigeria (CBN) has granted to FBN Holdings’ subsidiary, First Pension Custodian Nigeria Limited (First Pension) the approval to acquire Access Pension Fund Custodian Limited. First Pension Custodian Nigeria Limited, a wholly-owned subsidiary of First Bank of Nigeria Holdings (FBN Holdings) acquired 100 per cent stake of First Pension from Access Bank, owned by Access Holdings. Recall Read More
The Central Bank of Nigeria (CBN) has said that its RT200 policy has started yielding positive results as more commodities is now included in the country’s export ledger boosting the potential of raising up to $200 billion in foreign exchange earnings from non-oil proceeds. Disclosing this in Lagos over the weekend at the Finance Correspondent Association of Nigeria (FICAN) workshop, Read More
Encomiums poured in as eminent personalities from all walks of life converged in Ijebu Ode, Ogun State to bid farewell to Pa. Zacheus Olorunsola Odusanya, a.k.a Baba Kekere, the father of Mr. Adeyemi Odusanya, quintessential banker and executive director, South & Corporate of Keystone Bank Limited. Pa Odusanya journeyed to the great beyond on Thursday, April 28, 2022 at the Read More
The Central Bank of Nigeria (CBN) slipped dairy products into its long, winding list of items that could no longer be imported with foreign exchange (forex) from its official window. The policy was designed to encourage local production as the price of imported milk surges with unbridled depreciation of the naira. It was equally designed to conserve the nation’s dwindling Read More
The Central Bank of Nigeria (CBN) has remained gender sensitive, dolling out N203.31 billion credit as at January 2022, Godwin Emefiele, the apex bank governor has said. Emefiele made this disclosure while addressing participants at a webinar hosted by the Deputy Governor in charge of the Financial System Stability (FSS) Directorate, Mrs. Aishah Ahmad, as part of activities to commemorate Read More
Delta State Command Tuesday arrested notorious Automated Teller Mechine (ATM) fraudster, one Ojo Amos at Ozoro, Isoko north local government area of the state. The suspect, 38yrs who hails from Agbara-Otor, Ughelli North Local government area specialised in snatching ATM cards from unsuspecting victims. According to the state Public relations officer (PPRO), DSP Bright Edafe, “On 2/11/2021 at about 1300hrs, Read More
The All Progressives Congress caucus of the House of Representatives has gained another member. He is Rep. Jacob Ajao Adejumo from Oyo State. Until his defection to the majority party, he was a member of the Action Democratic Party (ADP. The Speaker, Rep. Femi Gbajabiamila, has, however read his defection letter to members on the floor in Abuja on Tuesday Read More
Governors, traditional rulers, business and political elites in the Yorubaland must carefully weigh various options and seriously consider backing Vice President Yemi Osinbajo in 2023, an All Progressives Congress youth group has advocated. According to members of the South West Movement for Osinbajo (SOWEMOVE) who presented a report and copies of correspondence with several Obas and other eminent personalities in Read More
A political pressure group known as the South-west Frontiers has condemned the prolonged silence of the former Lagos state governor and leader of the All Progressives Congress (APC) Asiwaju Bola Tinubu on the invasion of the residence of a Supreme Court judge, Justice Mary Odili by armed security operatives. The group similarly faulted the APC leader’s inaction about the recent Read More
Barely 24 hours to the Saturday Anambra State governorship election, the Inspector General of Police has removed the Deputy Inspector General, DIG Joseph Egbunike, as the head of security team for the Anambra governorship election slated for Saturday November 6, 2021. His removal was announced by the Police Public Relations Officer DSP Nkeiruka Nwude with few hours to the election. He been Read More
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